49-51 E Lee Street

Investment Overview

Rare opportunity to acquire a fully-leased, income-producing investment property with two established tenants on longer-term leases. This 6,200± SF building is structured as a condominium, sharing only a single party wall — giving an owner the privacy and standalone feel of a freestanding building with a lighter exterior maintenance burden. Both units are separately metered. Ground Floor — 4,600± SF Salon & Spa The main level pairs historic character with a full-service buildout: original wide-plank hardwood floors, exposed brick, and generous natural light. The space includes multiple wash/styling stations, four private massage/spa treatment rooms, a dedicated nail studio, a private main office, break room, in-unit washer and dryer, three restrooms, and two rear entrances for staff and service access. Second Floor — Professional Office Suite A private second-floor office with its own first-floor entrance and street-facing signage. Inside: three private offices, a large conference room, kitchenette, restroom, and two separate points of entry — well suited to a professional firm that values a discreet, dedicated setting.

Investment Highlights

• Two separate tenants, both on longer-term leases with fixed 3% annual rent escalations — contractual, built-in NOI growth
• 7.7% cap rate in place, escalating into the 8%+ range within two years on the strength of the scheduled increases
• Both units separately metered — clean expense separation for a two-tenant hold
• Condominium structure (single shared wall) — standalone character with reduced common-area obligations
• High-visibility E. Lee Street location with strong street presence and signage
• Turnkey, fully-leased asset — passive income from day one